Shareholder sells $148 million of China Mobile shares

The undisclosed seller offloads shares at a 1.2% discount following a rise in the company's share price of 76% year-to-date.

A block of 18 million shares of China Mobile Communications changed hands after the Hong Kong market closed yesterday at a tight discount to the market price, raising $1.15 billion $148 million for an undisclosed investor.

The sale came as the share price has started to turn upward again after falling 8.8% from a record high in mid-November and, according to a source, demand was strong enough to cover the offering in 20 minutes. Given that the shares were offered...